Hi all, this forum is great! I just got a letter in the mail which made me sign up for an account .
We stopped paying our mortgage last year. We just got the notice of default a few weeks ago. We were denied for Hamp and DOJ mod. We have met with a realtor (of course suggested we short sale). We met with a bankruptcy attorney (of course suggested we file bankruptcy). We've been wanting to find some kind of non-partial person to help advise what we should do. All along we have ideally wanted to mod the loan (with principal reduction since we owe about 450K and the house is about worth 200k). However, we have been kind of prepared that we may need to just **** it up and let the house go.
We have been starting to think about a possible short sale, then rent back (hoping we can sell to an investor who just wants to keep us as renters).
Well, today we just get something in the mail which seems too good to be true. I'm not exactly sure who it was from (either bofa, or this other company). Anyways it talks about a "Mortgage to Lease" program. Basically we do a deed in lieu and rent back. The rent price mentioned in the letter is very enticing too.
I am very skeptical of all mail these days since we've been getting a lot of "offers" from realtors, lawyers, etc...However this letter is branded with both a 3rd party and bofa. Plus they reference my CRM's name so it makes it seem more legit.
I know this is a real program based on a few google searches, however can I really trust the letter I received? Did I just hit the jackpot? Is a "deed in lieu" much worse than a short sale?